To issue a cryptocurrency, conduct an initial placement and bring it to the exchange – these are the tasks that cryptocurrency startups and we, developers, regularly face.
At the same time, many believe that creating your own crypto is a fairly simple matter, you just need to find a couple of experienced programmers. However, 99% of such crypto will be doomed to failure in advance and will not recoup the investment in their creation. In the development of successful cryptocurrency projects, teams of diverse specialists are involved who work hand in hand to achieve common goals.
We will tell you how to create a cryptocurrency and go through the main steps that cannot be avoided.
What a typical system consists of
- Ico development services of the project concept and White Paper (White Paper). Just as building a good house begins with a project, so creating a new cryptocurrency begins with working out a concept. The white paper contains a detailed description of your idea, which will ask for coins or tokens to grow. This is the most difficult document: it takes the longest to prepare and it needs to be carefully worked out. As part of the work on the concept, the following questions are usually considered:
- Choosing the original coin for the fork, or the concept of a smart contract for the token of the original coin; formation of cryptocurrency characteristics;
- Registration of the legal concept of the coin;
- Description of the quality of the product, its values;
- Initial placement plan;
- Roadmap, that is, a general plan for the development of the project, its key points with time indication.
What is cryptocurrency ICO
In simple terms, an ICO is the release of a certain amount of coins or tokens and an attempt to convince future investors to buy them for more liquid coins, for example, bitcoins or ether, at the rate set by the creator. Often, for these purposes, Ethereum-based tokens are used, because it is enough to issue a smart contract in it.
Withdrawing cryptocurrency to the exchange
After you have carried out the emission of crypto and sold part of it through your website, questions will arise: how will people trade the new product among themselves, how to expand the audience? To interest new investors and traders, to attract them to the exchange, you need a listing on the exchange. Before listing, the crypto exchange will ask you to go through the preparatory procedures:
- The coin must have a community, communication channels such as Facebook, Telegram, Twitter and other social networks.
- You have to pay a certain amount to the exchange for listing, and it varies greatly depending on the popularity of the exchange. The cost of the service starts from 1,000 USD for little-known exchanges and ends with 500,000 USD for popular ones. Moreover, popular exchanges are ready to add a coin to themselves only when the crypto project has proven its worth and gained a lot of participants.
- The project must provide a technical team to handle the integration.
What are the prospects for cryptocurrencies
Despite the success of crypto over the past two years, it is difficult to make any predictions: the crypto market behaves too unpredictably, especially in crisis situations.
However, the blockchain is expected to continue its integration into financial markets. The developers are already working on the next generation protocols – Ethereum 2.0, Algorand, Cosmos, Polkadot, which means that in the near future there will be second-tier scalable solutions for existing blockchains. In addition, experts predict blockchain consolidation at all stages of the market chain, from developers to users and the top of the Hyperlab.